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368 pages, Hardcover
Published June 13, 2023
All complex human societies organizes as states experience recurrent waves of political instability. The most common pattern is an alternation of integrative and disintegrative phases lasting for roughly a century.
It turns out that ever since the first complex societies organized as states appeared—roughly five thousand years ago—no matter how successful they might be for a while, eventually they all run into problems. All complex societies go through cycles of alternating stretches of internal peace and harmony periodically interrupted by outbreaks of internal warfare and discord.
Our analysis points to four structural drivers of instability: popular immiseration leading to mass mobilization potential; elite overproduction resulting in intraelite conflict; failing fiscal health and weakened legitimacy of the state; and geopolitical factors. The most important driver is intraelite competition and conflict, which is a reliable predictor of the looming crisis.
Because the most recent period of social and political turbulence in the United States was the 1960s, which were very mild by historical standards, Americans today grossly underestimate the fragility of the complex society in which we live. But an important lesson from history is that people living in previous precrisis eras similarly didn’t imagine that their societies could suddenly crumble around them.
A wealth pump is one of the most destabilizing social mechanisms known to humanity.
QE is no more than monetary policy for rich people.
As we examine one case of state breakdown after another, we invariably see that, in each case, the overwhelming majority of precrisis elites—whether they belonged to the antebellum slavocracy, the nobility of the French ancien regime, or the Russian intelligentsia circa 1900—were clueless about the catastrophe that was about to engulf them. They shook the foundations of the state and then were surprised when the state crumbled.
Of the twenty-two civilizations that have appeared in history, nineteen of them collapsed when they reached the moral state the United States is in now.
If we take the antiquity of Man to be something like 300,000 years, then the antiquity of civilizations, so far from being coeval with human history, will be found to cover less than 2 percent of its present span: less than 6,000 years out of 300,000 . On this time-scale , the lives of our twenty-one civilizations-distributed over not more than three generations of societies and concentrated within less than one-fiftieth part of the lifetime of Mankind- must be regarded, on a philosophic view, as contemporary with one another.
― Arnold Joseph Toynbee